Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) has retained its 51% controlling interest in its Diamond Mountain phosphate project located in Utah, USA and allowed the previously announced agreement to vend its interest to Xplore Resources Ltd. (TSXV: XPLR) to expire.
Diamond Mountain is an advanced stage exploration project consisting of approximately 550ha of state claims. The June 7 2022, agreement to vend the company’s participation in Diamond Mountain was subject to Xplore completing a minimum C$5M financing by September 30th, 2022, customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval.
Revival Gold is evaluating its alternatives with respect to Diamond Mountain.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0Mt at 1.01g/t gold containing 2.11Moz of gold and Inferred Mineral Resource of 46.2Mt at 1.31g/t gold containing 1.94Moz of gold. The mineralized trend at Beartrack extends for over 5km and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9M shares outstanding and an estimated cash balance of C$3.3M as of September 30th, 2022.
To read more please visit www.revival-gold.com
